NEW DELHI: The Supreme Court on Tuesday directed builder Supertech to deposit Rs 10 crore by January 3 to be used for refunding home buyers of its twin-tower project in Noida in future. The next hearing is scheduled on January 10.

The apex court also offered homebuyers an option to wait till the disposal of the case since in the event the Allahabad HC order dated April 11, 2014 is set aside. However, all parties seeking refund expressed unwillingness to await the outcome and demanded refund.

Shoeb Alam, counsel for some of the homebuyers, sought refund on the basis that the judgment of the Allahabad High Court to refund money to the allottees with 14% interest has not been stayed by the Supreme Court in its order of May 5, 2014.

On April 11, 2014, the Allahabad High Court had ordered demolition of the two 40-storey residential towers on homebuyers’ complaint that the builder did not have necessary permissions to build these. The court had asked the company to refund homebuyers’ money with 14% interest.

"No stay on refund was directed by the SC. Only status quo with respect to the two towers was directed. On the contrary more than 108 allottees have been repaid back," he said.

Supertech, in its response said, it has been paying the interest at 10% per annum on amounts paid by allottees as directed by the Supreme Court on September 6. "…The petitioners today wanted refund instead of interest, which the court did not allow," the response added.

The builder has already deposited Rs 5 crore as directed by the Supreme Court in July. The apex court in September also directed the builder to pay 10% of invested money per annum as investment returns to 14 people, starting January 2015, and to clear any arrear within four weeks.

The National Buildings Construction Corporation (NBCC) on Tuesday submitted its report as directed by the Supreme Court to check if these two towers are located at a safe distance. However, the findings of the same have not been disclosed yet.

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The draft allows district-level authorities, headed by the district magistrate, to seek exemption from public hearing while granting green clearance for sand mining in areas up to five hectares of land.

The court said it is the obligation of the government to protect its citizens who belong to middle class family and invested their hard earned money in buying flats but got cheated by builders and facing uncertainty.